§ 39.53.060. Application of proceeds of sale of refunding bonds and other funds -- Investment in government obligations -- Incidental expenses
Prior to the application of the proceeds derived from the sale of refunding bonds to the purposes for which such bonds have been issued, such proceeds, together with any other funds the governing body may set aside for the payment of the bonds to be refunded, may be invested and reinvested only in government obligations maturing or having guaranteed redemption prices at the option of the holder at such time or times as may be required to provide funds sufficient to pay principal, interest and redemption premiums, if any, in accordance with the refunding plan. To the extent incidental expenses have been capitalized, such bond proceeds may be used to defray such expenses.
[1999 c 230 § 6; 1973 1st ex.s. c 25 § 4; 1965 ex.s. c 138 § 7.]
Notes:
Application -- Construction -- Severability -- 1999 c 230: See notes following RCW 39.53.010.
Sections: Previous 39.53.010 39.53.020 39.53.030 39.53.040 39.53.045 39.53.050 39.53.060 39.53.070 39.53.080 39.53.090 39.53.100 39.53.110 39.53.120 39.53.130 39.53.140 Next
Last modified: April 7, 2009